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INCOME TAX EXPENSES | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAX EXPENSES | 13. INCOME TAX EXPENSES Cayman Islands The Company is domiciled in the Cayman Islands. This locality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes. Singapore The Company’s subsidiaries, Maxwill Pte. Ltd., Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd., Maxwill Foodlink Pte. Ltd., and Davis Commodities Pte. Ltd. are considered Singapore tax resident enterprises under Singapore tax laws; accordingly, they are subject to enterprise income tax on their taxable income as determined under Singapore tax laws and accounting standards at a statutory tax rate of 17% (2023: 17%). The income tax provision consists of the following components:
Schedule of income tax provision |  |  |  |  |  |  |  |
|  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Income tax: |  |  |  |  |  |  |  |
Current year |  |  | 291 |  |  |  | –* |
The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of 17% (2024: 17%) to profit before income tax as a result of the following differences:
Schedule of income tax expense |  |  |  |  |  |  |  |
|  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Income before tax expenses: |  |  | 1,625 |  |  |  | 41 |
Tax at the domestic income tax rate |  |  | 276 |  |  |  | 7 |
Tax effect of expenses that are not deductible in determining taxable profit |  |  | 9 |  |  |  | 17 |
Non-taxable incomes |  |  | (5 | ) |  |  | (10 | )
Tax exemption |  |  | (27 | ) |  |  | (1 | )
Capital allowances claimed |  |  | (3 | ) |  |  | *- |
Tax losses unrecognized |  |  | 41 |  |  |  | (13 | )
|  |  | 291 |  |  |  | *- |
* | Denotes amount less than US$1,000

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